Ethereum
Sectors
Sentiment
Track Ethereum perpetual futures long/short ratio across Binance, Bybit, OKX, Deribit, Hyperliquid.
Sharpe Terminal aggregates Ethereum (ETH) perpetual futures long/short ratio data from Binance, Bybit, OKX, Deribit, Hyperliquid and eight additional exchanges into a single real-time chart. Compare exchange-level breakdowns, overlay price, and switch between 1W, 1M, 3M, 1Y and 3Y historical windows. Ratio of accounts holding long vs. short perpetual futures positions by exchange. Derivatives traders use this view to confirm trend strength, spot crowded positioning, and pinpoint liquidation cascades before they ripple into spot.
Ethereum (ETH) has the second-deepest perpetual market in crypto with aggregate open interest routinely running $15-25B across Binance, Bybit, OKX, Deribit, and Hyperliquid. ETH perps carry distinct funding dynamics vs. BTC because the ETH carry trade (long spot, short perp) is actively farmed by staking-yield arbitrageurs — baseline ETH funding is structurally lower than BTC funding, often by 5-10% APR. ETH dated futures on CME and Deribit provide the cleanest read on institutional hedging flow. Watch the ETH/BTC OI ratio: when ETH OI grows faster than BTC OI, it's historically signaled the early innings of altcoin seasons (2020 DeFi summer, 2021 L2 rotation, 2024 restaking cycle). ETH liquidation clusters below the spot price are the single most-watched map in the altcoin book.
The long/short ratio compares either the number of accounts or the position size of accounts holding longs vs. shorts on a given exchange. A ratio above 1.0 means more accounts (or size) are long than short; below 1.0 means the opposite. Retail-oriented venues (Binance, Bybit, Bitget) typically run structurally long — ratios of 2-4x long are normal even in sideways markets, because retail default-buys. Institutional venues (CME, OKX top-traders) fluctuate around 1.0. Extreme readings act as contrarian indicators: retail piling into longs above 3x historically precedes corrections, while crowding into shorts below 0.7x sets up squeezes.
Compare retail-account ratios to top-trader ratios on OKX or Binance — divergence between the two is the cleanest smart-money-vs-dumb-money signal in crypto derivatives. When top traders are flat or short while retail is aggressively long, fade the retail side. Watch for inflection points where the ratio flips from growing to shrinking — these are often earlier than price signals. Stack long/short by exchange to identify venue-specific crowding.